Budget 2024 Corner - IPPC Group
The continuation of existing tax rates, covering direct, and indirect taxes, and export duties. She also disclosed an 11% surge in the upcoming year’s capex outlay, reaching ₹11.1 lakh crore. Sitharaman, during the fiscal year’s federal budget announcement, revised the fiscal gap to 5.8% of the gross domestic product. The Finance Minister also introduced a housing scheme for the deserving middle class, focusing on those living in rented houses, slums, chawls, or unauthorized colonies. Prime Minister Modi stated that this initiative would assist them in acquiring or constructing their own homes. Amid various announcements benefiting youth, the impoverished, women, and farmers, Sitharaman highlighted the extension of Ayushman Bharat healthcare coverage to all ASHA and Anganwadi workers and helpers.
Budget 2024 Updates: Key takeaways from Interim Budget 2024
Budget 2024: Key takeaways
Capex target for FY25
— FY25 capex target set at Rs 11.1 lakh crore, up 11.1 percent
Fiscal deficit target for FY25
— FY25 fiscal deficit target set at 5.1 percent of GDP
–FY25 total receipts pegged at Rs 38.80 lakh crore
Market borrowing:
–Gross Government borrowing at 14.1 lakh core via bonds in FY25
— FY25 gross market borrowing pegged at Rs 14.13 lakh crore, net borrowing at Rs 11.75 lakh crore.
–The gross borrowing target for next year is lower than this year’s budget estimate of Rs 15.43 lakh crore.
Nominal GDP
–Nominal GDP growth assumed at 10.5% for FY25
On income tax
–Do not propose to make any changes in taxation, says FM
–Section 87A of the Income Tax Act offers rebates for individuals with taxable income of as much as Rs 7 lakh, effectively reducing tax liability to zero.
Budget 2024 subsidies:
–FY25 major subsidies seen at 1.2% of GDP vs 1.4% in FY24
–FY24 food subsidy revised to Rs 2.12 lakh crore from Rs 1.97 lakh crore
–FY25 non-debt capital receipts seen at Rs 79,000 crore
EV boost
–The government will expand and strengthen the EV ecosystem by supporting manufacturing and charging infrastructure.
–To promote green growth a new scheme of biomanufacturing will be launched.
Lakhpati Didi target enhanced
–The ‘Lakhpati Didi’ scheme, which was initially set at 2 crore women, has been enhanced to 3 crore women.
On Empowerment of Women
–Empowerment of women through entrepreneurship gained momentum in the last 10 years.
–Female enrolment in higher education has gone up by 28 percent in 10 years.
Vande Bharat push
FM says govt will upgrade 40,000 trains in India to Vande Bharat standards and set up three new railway corridors.
Big numbers out of this Budget
- Fiscal Deficit at 5.1% of GDP for FY25
- Fiscal Deficit for FY24 Seen At 5.8% of GDP
- Aim to reduce fiscal deficit to below 4.5% by FY26
- FY25 Capex Outlay at 3.4% of GDP
- FY24 Gross Market Borrowing seen at Rs 14.1 lakh crore
- Pre-FY10 disputed tax demands of up to Rs 25,000 were withdrawn
- Target 100 tonne of coal gasification capacity by 2030
- Two crore houses are to be built in the next five years.
Watch Live Budget Announcements - #ViksitBharatBudget
The interim Budget 2024 can be accessed in a “paperless form” through the Union Budget Mobile App. The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in).
#Budget2024 #ViksitBharatBudget
Mark your calendars for the Interim Union Budget 2024!
Union Finance Minister @nsitharaman to present the #ViksitBharatBudget on February 1, 2024🗓️
▶️Watch LIVE here: https://t.co/qjxVNN0Whn pic.twitter.com/RFygVN84mI— PIB India (@PIB_India) January 31, 2024
Union Finance Minister Smt. @nsitharaman will hold the post-Budget Press Conference at the National Media Centre, New Delhi, tomorrow 👇
— Ministry of Finance (@FinMinIndia) January 31, 2024
🗓️ 1st February 2024
⏰ 16.00 Hours IST#ViksitBharatBudget pic.twitter.com/24xCb8G8BT
